The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1887-05-20
The New Revenue Bill.
TEXT OF THE MEASURE AS 1T HAS PASSED
THE LEGISLATURE.

TEXT OF THE MEASURE AS 1T HAS PASSED
THE LEGISLATURE.
HARRIsBURG, May 1.-THE new
revenue law, which was finally agreed
upon by both houses to day, is entitled
an act to revise, amend and consolidate
the several revenue laws of this Com
monwealth which impose taxes upon
personal property and upon banks, cor
porations, limited partnerships, bankers
and brokers. II contains thirty-six
sections, synopsis of which is given
below:
Section one provides that all mort
cages, all moneys owing by solvent
debtors, whether by promissory note
or penal or single bill, bond or judg.
ment, except bonds accompanying
mortgages; all articles of agreement
and accounts bearing interest, except
book accounts, savings bank deposits
and ordinary bank deposits liable to be
withdrawn by check without notice; all
public or municipal loans whatsoever,
except loans of the State or United
States; all bank loans aud bank stock
of any bank, corporation, association,
company or limited partnership created
under the laws Of the United States or
of this or any other State or govern
ment, including car trust securities and
loans secured by bonds or any other
form OF certificate or evidence of IN
debtedness, except shares of stock in
corporations or limited partnerships IL
able to corporation tax or exempt
from taxation under the thirty-fourth
section of this act; all moneys loaned
or invested in other States, Territories
and countries and all other moneyed
capital in the hands of individual citi-
zens of the State; all annuities over
two hundred dollars, except those
granted by the Commonwealth or the
United States; all stages, omnibuses,
hacks, cabs and other vehicles used for
transporting passengers for hire, and
not owned by corporations paying a
corporation tax, shall pay for State
purposese a tax of three mills on the
dollar. Building and loan associations
are exempted from the provisions OF
this section, as well as all household
furniture, gold and silver plate, watches
and pleasure carriages.
Section two returns one-half of the
taxes collected under section one to the
counties in which they are collected.
Section three requires the treasurer
of every city, county and borough of
the Commonwealth and the treasurer
of every limited partnership or corpor-
alton organized under the laws of this
or any other State or United States
and doing business within this Com.
monwea'th paying interest upon loan
or loans taxable for State purposes,
under section first, to make report, un-
der oath, to the Auditor General in
the month of November of the amount
of such loan or loans issued by such
city, county, borough, limited partner.
ship or corporation, together with the
name and residence of each owner and
holder and the amount of their hold
ings. 1t shall then become the duty
of the Auditor General to assess tax
of three mills upon the par value of
these loans, which tax the treasurers
of such cities, counties, boroughs, limit
ed partnerships or corporations shall
pay into the State Treasury within
thirty days, they being allowed to de-
duct the amount of said tax from the
interest thereafter due the holders of
said loans, Neglect to report to the
Auditor General as required by the
provisions of this section entails pen
atty of one thousand dollars and fifty
per cent. addition to the tax.
Section four exempts banks and saw
ings institutions which shall elect to
pay State tax of six mills on the
actual value of their shares from all
other taxation. 1t also authorizes the
Auditor General in case any bank or
sayings institution shall fail to pay the
si1-mill tax or report the amount of
capital stock with the names and hold
ings of the several shareholders to
summon the officers of said bank or
savings institution before him, togeth-
er with their books and accounts, and
gives him power to assess and collect
a three-mill tax and transmit his lists
and assessment to the County Commits
sioners, to be used by them in assess.
ing local taxes against the delinquent
corporations.
Section five directs assessors to fur
nish all taxables with the blank forms
showing the different classes of pro-
perty made taxable by the first section
of the act.
Section six requires every taxable
person or office of limited partnership
bank of corporation to whom a blank
is furnished to fill out the same in the
manner prescribed and return it with
an affidavit that it is true and correct
to the best of his or her knowledge and
belief. Any one convicted of making
false or fraudulent return is subject
ed to the penalty attaching to perjury
in other cases. The Auditor General
is empowered, in case he shall deem
any return fraudulent, to settle an ac-
count against the person or corporation
in question, adding fifty per cent. to
the tax, which he shall proceed to COL
lect by law.
Section seven authorizes Assessors to
administer the oath prescribed in the
preceding section.
Section eight provides that in case
any taxable person or corporation me-
elects or refuses to make the return re-
quired by section sixth the assessor
may make said return upon the best in
formation at his command, subject 10
correction by the Board of Revision or
County Commissioners.
Section nine declares any arrange
ment between an assessor and a taxable
person or corporation, by which the
property of the latter shall be returned
at less than its actual value, a conspir
acy, and renders both liable to convic-
tion and punishment under the con-
spiracy laws.
Section ten forbids the addition of
the tax on money at interest to the in
terest exacted from the borrower, aud
any contract or agreement to this effect
is declared void.
Section eleven requires the Recorder
of deeds and mortgages in every